QAV AU 827 — Plenty of Value in Plenti

Audio QAV AU 827 Club

 [00:00:00]

Cameron: Wel­come back. I think this is record­ing. Wel­come back to QAV tk. It is episode, it’s 8 2 7. It’s the 8th of July, 2025, uh, Ben­jamin Netanyahu has, uh, sub­mit­ted Don­ald Trump for a Nobel Peace Prize. Tony

Tony Kynas­ton: I, I had­n’t heard that. gold.

Cameron: is, isn’t that gold? And Trump, Trump, Trump said, com­ing from you, that means a lot.

Tony Kynas­ton: Is that, uh, peace through Supe­ri­or Fire pow­er? [00:01:00] It’s, uh, it’s, I read some­thing in the Wall Street Jour­nal say­ing that Don­ald Trump had in his graphs being the US pres­i­dent to solve the Mid­dle East bring peace to the Mid­dle East. And I thought, I. I hear that sto­ry every four years in the com­ing out­ta the us.

They all think they can solve the Mid­dle East. Uh,

Cameron: they have solved it. It’s exact­ly how they want it to be.

Tony Kynas­ton: Right.

Cameron: This is, this is how they’ve engi­neered it delib­er­ate­ly. As Joe Biden famous­ly said in the eight­ies when he was a sen­a­tor, if Israel did­n’t exist, Mr. Pres­i­dent, Mr. Speak­er, then we would’ve had to invent it.

Tony Kynas­ton: they did pret­ty much,

Cameron: Pret­ty much. Yeah. Wow. They did­n’t invent it.

The British, the British kind of enabled it, but the US enabled it to sur­vive.

Tony Kynas­ton: Yeah. What was the oth­er one I saw the, uh, the arti­cle that, um, has got the Bain Con­sult­ing Group in a flat, because one of their prin­ci­ples went rogue and [00:02:00] wrote an arti­cle for of all peo­ple, the Blair Insti­tute. So Tony Blair’s dis­owned it as well, say­ing that if you. Here’s the busi­ness case for pay­ing Pales­tini­ans to leave Gaza and then turn­ing it into Front Tow­er Resort Bill.

Cameron: Right. Well, less we said about that, the bet­ter.

Tony Kynas­ton: would, that would

Cameron: Uh, more Don­ald.

Tony Kynas­ton: that?

Cameron: Yeah. Well,

Tony Kynas­ton: is refer­ring to,

Cameron: yeah. Well I think they’re just try­ing to geno­cide them all out and still get a peace prize. It’s um, yeah. What did you say? Peace through force. It’s very Orwellian, isn’t it?

Tony Kynas­ton: Yep. Yes it is. Yeah, actu­al­ly, that’s right.

Cameron: Yes.

Tony Kynas­ton: The Nobel Peace Prize is, is actu­al­ly all real­ly in dou­ble­s­peak.

Cameron: Mm mm

Tony Kynas­ton: Uh

Cameron: through geno­cide. Um, Don­ald Trump also threat­ened overnight to throw [00:03:00] 25% tar­iffs on Japan and South Korea as of August 1st. And, uh, the mar­kets dropped last night. The Fin this morn­ing said the Aus­tralian mar­ket was gonna open low­er, and it did, and then recov­ered with­in about half an hour. So, I dun­no what that’s all about.

It’s down. It’s up. Yeah. Why RBA rates on.

Tony Kynas­ton: inter­est­ing occur­rences where the, the Wall Street went down, I think three quar­ters of a per­cent overnight because of the tar­iffs. But we’re going up because there’s an RBA meet­ing at two o’clock and we’re expect­ing a cut.

Cameron: But has­n’t that already been fac­tored in?

Tony Kynas­ton: Oh, pos­si­bly. Why else would the

Cameron: So why did it go down?

Tony Kynas­ton: And then the, and Wall Street went down.

Cameron: But, but why did it go down? If, if, if the traders all fig­ured the RBA was gonna do a cut, why did the mar­ket go down this morn­ing in the first place?

Tony Kynas­ton: they, ’cause they fol­lowed [00:04:00] Wall Street down. Would it

Cameron: Why?

Tony Kynas­ton: would’ve been overnight sell­ing on Wall Street? ’cause that’s just how it works. We always

Cameron: S

Tony Kynas­ton: Wall Street.

Cameron: Okay. I don’t get it. Alright.

Tony Kynas­ton: is, is, clear­ing overnight trades on the ASX and that’s usu­al­ly Wall Street chang­ing posi­tions in Aus­tralia, which they would’ve done if they thought Wall Street was going down.

Cameron: Who’s sell­ing the shares overnight?

Tony Kynas­ton: Uh, what I remem­ber doing the, um, issue, the pod­cast we did on what’s the, what dri­ves the futures? The overnight futures in the ASX and there’s a, appar­ent­ly it’s a stack, there’s like, uh, overnight trades that come in, which get cleared first before the mar­ket opens in the last sort of half hour before the mar­ket opens. sets the mar­ket open. So if, like, if

Cameron: Right. But

Tony Kynas­ton: if an over­seas share­hold­er wants to sell BHP, they put their order on and that gets done first. ’cause it comes in the first overnight and then it gets done before either at mar­ket open or just before the mar­ket [00:05:00] opens.

Cameron: so do you think if the for­eign mar­kets, let’s say the US mar­ket is down. Then traders in those coun­tries, big funds, what­ev­er, are cash­ing up by sell­ing off stuff, sell­ing off stocks in Aus­tralia to get cash to cov­er their posi­tions for stuff that’s low­er in the us. And then when the Aus­tralian traders wake up, they go, oh, on a sec­ond, uh, I’ll buy that.

That’s good. And the prices go back up like,

Tony Kynas­ton: No, I think it’s, I think it’s, if, if they’re sell­ing in Amer­i­ca, they’ve got the cash, they don’t need to sell in Aus­tralia for the cash they’ve sold in Amer­i­ca. They’re cash­ing up out of Amer­i­ca and then they’re, they’re, they’re guess­ing that Aus­trali­a’s gonna fol­low. So they’re putting an ear­ly order on to get ahead of that trad­ing day in Aus­tralia.

’cause they’ll be the first trade off the, off the rank in the morn­ing. uh, they expect Aus­tralia to fol­low Wall Street. [00:06:00] But then once that trade goes through, then the Aus­tralian fund man­agers are say­ing that think inter­est rates are gonna be cut, so we’re gonna buy, I.

Cameron: They don’t get the Aus­tralian news over­seas about the RBAI just said it to them.

Tony Kynas­ton: don’t fol­low Wall Street down. I mean, wall Street’s down sig­nif­i­cant­ly overnight.

Cameron: Yeah. And we were down and then we bounced back up. Any­way, we’re up.

Tony Kynas­ton: Yep.

Cameron: We, what­ev­er rea­son we’re up, um. Who’s not up is G eight edu­ca­tion. Uh, they dropped 20% in a day last, late last week after there were alle­ga­tions, charges, and the arrest of one of their for­mer staff mem­bers alle­ga­tions regard­ing child abuse.

Uh, thanks to your broth­er-in-law for the heads up on that. [00:07:00] Um, ’cause I did a light announce­ment. I went to a Stock Doc­tor and looked in the announce­ments and there was no announce­ments. And I said,

Tony Kynas­ton: real­ly?

Cameron: shares are down 20%, no announce­ments. I don’t know what’s going on. And then War­ren emailed me and said, yeah, uh, have a look at this.

And I was like, oh. So I did an update.

Tony Kynas­ton: Oh, it’s

Cameron: I sold them from light and from the super port­fo­lio.

Tony Kynas­ton: That was the

Cameron: Hmm.

Tony Kynas­ton: down here at the end of the last week in Vic­to­ria.

Cameron: Right.

Tony Kynas­ton: you can imag­ine. There was a, it was a hor­rif­ic, there was, um,

Cameron: Hmm.

Tony Kynas­ton: mes­sages sent out to hun­dreds of par­ents say­ing, you have to have your kid test­ed for STDs. ’cause of this one per­son who’d worked at a num­ber of, um, a num­ber of child­care cen­ters, only, some of which were G eight, by the way.

So it’s not just them. But, um, yeah, there’s, there’s a whole I. Uh, there’s been noth­ing but 24 hour news cycle about it down here at the end of last week. and then

Cameron: Wow.

Tony Kynas­ton: why did it hap­pen? Uh, calls for work­ers in child­care cen­ters to be female only. [00:08:00] Um, I think Vic­to­ria has now banned the tak­ing of mobile devices into child­care cen­ters.

’cause the accused was also, um, well it was dis­cov­ered to have lots of child pornog­ra­phy on his, um, his, uh, home com­put­ers and things like that. So, very sad sit­u­a­tion, but big news down here.

Cameron: 1200 fam­i­lies, accord­ing to the sto­ry I’m look­ing at, have been asked to test their chil­dren. Huh, hor­ri­fy­ing.

Tony Kynas­ton: Hmm.

Cameron: So any­way, um, our, I had to sell GEM from light and my super port­fo­lio last week, but, um, that’s the least of the prob­lems asso­ci­at­ed with that. Of course, that’s just mon­ey. MTO on the oth­er hand, up 30% last week on announce­ment that they were buy­ing Peter Stevens and Harley Heav­en, where Harleys go when they die.

So that was nice.

Tony Kynas­ton: [00:09:00] Yeah,

Cameron: I think you did a pulled pork on them recent­ly, did­n’t you? MTO,

Tony Kynas­ton: yes.

Cameron: what’s the oppo­site of a pulled pork curse? A pulled pork

Tony Kynas­ton: Bless­ing. Yeah, I think so. I’ve anoint­ed it. You can go to, you can go to hog heav­en. Uh, what was, what was that

Cameron: So that was nice.

Tony Kynas­ton: ages, simo­ny, where the priest had, uh, take bribes and then, uh, declare some­one was gonna go to heav­en Sim Is

Cameron: Yeah, well, I don’t think that’s actu­al­ly what sim is. Sim is just, uh, um, sell­ing off church offices.

Tony Kynas­ton: right.

Cameron: Um, may, may have includ­ed sell­ing off Bless­ings too, but I think there’s anoth­er name for that. I can’t remem­ber what it’s called. Where you sell off, um, [00:10:00] you know, get into heav­en,

Tony Kynas­ton: Yeah.

Cameron: out­ta Jail Free Cards.

Tony Kynas­ton: out of hell. Three

Cameron: Um, we, yeah, we, we’ve talked a lot about that on, in our Renais­sance show that Ray and I do, because we’ve been doing a long series on the first cru­sade.

Uh, and, you know, the, those things were announced. Get out­ta Jail Free cards. At the begin­ning of the cru­sade. So it was like, lis­ten, you can go and rape, steal, kill, mur­der, Rob Loot, what­ev­er you want. And, uh, here’s your Get Out­ta jail free card for it.

Tony Kynas­ton: Here’s your

Cameron: Um,

Tony Kynas­ton: for it,

Cameron: signed by the Pope. And I, I always joke that, uh, I, I, I’d be say­ing, look, just, just gimme a blank one.

Just sign it down the bot­tom. We’ll, we’ll fill in the details of what I did after the, after the effect, right after the event. Just, uh, don’t wor­ry about it. Just, just gimme a blank. One blank check. Crazy times. Oh, I’ve got [00:11:00] in our, uh, US show today. I’ve got a good sto­ry about Chris­t­ian, on Chris­t­ian vio­lence that you’re gonna love.

Um. Uh, also in the news SLH, um, they’re high up on our buy list this week. I just want­ed to flag this for peo­ple. This is Silk Logis­tics, but they’re being acquired. Haven’t been on our buy list since ear­ly 2023. I have trad­ed it a bunch of times over the years. Last sold it as a three point trend line sell on the 15th of March, 2023 at $2 37.

It’s cur­rent­ly trad­ing at $2 12. Well, it was yes­ter­day. That was after a huge spike on the acqui­si­tion news. So, um, I’m not dis­pleased that I sold it when I did. It’s at, uh, two do $2 11 today. So we got out of it when we had to get out of it. But, um, there you go. So if you do, if you are look­ing down on the by lists, just be aware that it’s being acquired.[00:12:00]

Uh, before I. I throw over to you just, uh, a cou­ple of things. Results Dar­ryl sent in his FY 25 results, good returns for me in this, uh, finan­cial year, 21.6%,

Tony Kynas­ton: Very good.

Cameron: which is pret­ty good. Biggest gains. RRL 110%, PRN 59% GNP, 57% biggest loss­es FPR 23 and mm, MS 16. And Toby also emailed me his results and then sent me anoth­er email this morn­ing going, hold on, hold off on that.

I got­ta check some num­bers so I won’t quote his results, but it’s, it’s either good or very good. So, you know, but, um, he did point out that he holds West African Resources WAF. And it’s done real­ly well. I, I looked in my, uh, records. I last sold WAF as a rule one [00:13:00] Decem­ber 23 at 87 cents. It’s now $2 35,

Tony Kynas­ton: Don’t go back

Cameron: I looked at gold.

Tony Kynas­ton: back

Cameron: I know, I know. But I was look­ing at gold, like gold. I don’t think it’s been a sell since I’ve been keep­ing a his­to­ry of our com­mod­i­ty prices. Yeah. Well, my com­mod­i­ty price his­to­ry does­n’t go back quite that far, but it goes back three or four years. It has­n’t been, it’s been a Josephine a few times, but it’s basi­cal­ly been a buy for the last three or four years.

And, you know, I’m won­der­ing about gold stocks and rur­al ones and that kind of stuff. Like,

Tony Kynas­ton: Well, I think at the

Cameron: like I.

Tony Kynas­ton: became a rule one, sor­ry to inter­rupt. At the time WAF became a rule one was that the bribery scan­dal when the.

Cameron: Well, that was R‑S-R-S‑G.

Tony Kynas­ton: Yeah, but it

Cameron: Uh, unless you’re think­ing of a dif­fer­ent one.

Tony Kynas­ton: no, but it did affect the oth­er West African gold min­ers too, which I think was only [00:14:00] WAF.

Cameron: Well, let’s see. The wa, the RSG one col­lapsed in, this is weird actu­al­ly. I looked at this. RSG col­lapsed in ear­ly Novem­ber, 2024.

Tony Kynas­ton: Ah, okay.

Cameron: End of Octo­ber, I was trad­ing at 82 cents. Then it dropped down to 40 cents. I was pret­ty sure I owned it in a port­fo­lio, but I went and checked through all of my. Sort of trade his­to­ry and did­n’t hold it around then, had sold it much ear­li­er.

So I could­n’t, like, my rec­ol­lec­tion is that I had to sell it and there was a big sort of shock, oth­er­wise, why would we talk­ing about it. But any­way, uh, I did SII pulled up the sheets. Um, I last sold it accord­ing to my sheet in Jan­u­ary, 2024 at 40 cents. Um, [00:15:00] which that, that’s about the price. It was in Novem­ber, 2024.

So that’s does­n’t make sense

Tony Kynas­ton: have

Cameron: unless it was there. Oh no, it was also, no, it was also there in Jan­u­ary, 2024. So it was already 40, 40 cents. It went up to 80, then dropped back to 40. It’s now back up to 68 was gonna be my point.

Tony Kynas­ton: right.

Cameron: So again, like I should have just held, I mean, should have just held it.

Tony Kynas­ton: I’m assum­ing it’s gone back through its byline, so you could have rebought it too, but just oth­er things get high­er on the buy list. Right.

Cameron: Yeah, I know. Well, I guess my ques­tion is, you know, when we own a gold stock, should we just hold it for­ev­er? And

Tony Kynas­ton: Until,

Cameron: gold becomes a sell

Tony Kynas­ton: yeah. Well, pos­si­bly. Yeah. I mean, but, but I mean, at the time when we were look­ing at the prob­lems in West Africa, we had no idea what, how it was gonna play out. There was talks

Cameron: No.

Tony Kynas­ton: the indus­try and all sorts of things. So we fol­low the rules.

Cameron: Yeah. And then [00:16:00] regret it.

Tony Kynas­ton: with hind­sight. Look, I,

Cameron: I know.

Tony Kynas­ton: I, it’s, it’s actu­al­ly a good game to play. ’cause the rules may change, but you’ve got­ta come up with some evi­dence

Cameron: Yeah.

Tony Kynas­ton: objec­tive and not just, if we had­n’t done it that time, it would’ve worked, right?

Cameron: Yeah,

well, no, it’s more about look­ing at the under­ly­ing com­mod­i­ty for gold, right? Um, if regard­less of what’s hap­pen­ing to the indi­vid­ual busi­ness, unless it’s, you know, some­thing com­plete­ly dra­mat­ic, unless it’s a real red flag type sit­u­a­tion, if gold is con­tin­u­ing to go up and this is a gold min­er,

Tony Kynas­ton: Well, there’s been a

Cameron: do we just say noth­ing else mat­ters?

Tony Kynas­ton: No, no, no, no. Um, there’s a cou­ple of oth­er, I’m just try­ing to remem­ber. I think it’s a, there’s a cou­ple of gold stocks, but there’s def­i­nite­ly a, um,

Cameron: I.

Tony Kynas­ton: yeah. North­ern Star resources I think dropped from mem­o­ry. I bet­ter check that I in [00:17:00] the last cou­ple of days because it came out and said it need­ed more cap­i­tal to its minds or what­ev­er.

I did­n’t pay much atten­tion to the sto­ry, but there are oth­er rea­sons why gold min­ers decou­ple from the gold price stock. Yeah. Look at,

Cameron: Yeah. Right,

Tony Kynas­ton: North­ern Star Resources dropped like a stone recent­ly. Um, and I’m pret­ty sure that was on the, uh, news of, you know, e either not meet­ing its pro­duc­tion tar­gets or need­ing more cap­i­tal or some­thing. So for busi­ness

Cameron: right.

Tony Kynas­ton: may wan­na sell these things and if it’s busi­ness rea­sons, we let the trend lines our rules guide us.

Cameron: Mm. But it’s also up like near­ly over a hun­dred per­cent in the last year.

Tony Kynas­ton: Yep.

Cameron: I.

A year ago I was trad­ing at 12 cents. It went up to 21. Now it’s back down to 17. But still,

Tony Kynas­ton: sug­gest is you test it, go back and not just pick the one that you

Cameron: nah,

Tony Kynas­ton: did­n’t and sold and should­n’t have, [00:18:00] but go

Cameron: that’s your kind of,

Tony Kynas­ton: gold min­ers for the last five years and, and run some regres­sion and con­vince me that the rule needs to change for

Cameron: no, uh, that’s, that’s, that’s Tony work. I’m just, it’s too hard. Too hard for me. Yeah. No smart guy work is what I was hint­ing at then. That’s for, that’s for peo­ple smarter than me. I just do what the smart peo­ple tell me. I

wow.

Tony Kynas­ton: Oh, look, I’ll put it on the list. Okay.

Cameron: R‑B-R-B‑A is expect­ed to do a right cut to Yeah, I will. I will. Um, ASX See­saws ahead of RA RBA deci­sion accord­ing to the Fin. Now, as of a few min­utes ago, what time is that due to come out? Like around about 1 32 o’clock?

Tony Kynas­ton: They meet at two o’clock, so it’s usu­al­ly like two 30 or lat­er.

Cameron: Uh, that’s right. We nor­mal­ly record lat­er. Uh, what do you got on your, uh, list of things to talk about today, Tony? [00:19:00] K

Tony Kynas­ton: Uh, what have I got? I have a cou­ple of things. So that, speak­ing of com­modi­ties, there’s been a, changes on the com­mod­i­ty list. I noticed,

Cameron: lots of changes this week.

Tony Kynas­ton: um, prepar­ing my pulled pork, but iron, All Ords now buy as is Coing Coal. Uh, ther­mal coal was, I think last week. It’s now Josephine, but it’s, it’s look­ing good. And lithi­um back on the Bilis. So, uh, Pil­bara Min­er­als is on the buy list, but in look­ing through those, uh, stocks exposed to those things, I think Yang Coal was the only coal com­pa­ny above its s byline. There are plen­ty which had just turned up from their sell line, so I guess watch the space. They might become buy­ers, uh, in the com­ing months. Uh, same with Pil­bara Min­er­als, which is on our buy list. It’s, uh, not a buy yet from a sen­ti­ment point of view. Um, it’s of, its, it’s turned turn­ing upwards, but still has a bit to go to reach its bylaw. So,

Cameron: [00:20:00] Uh, yes, and I did, I added FEX as a pos­si­ble buy for the light folks yes­ter­day

Tony Kynas­ton: Mm-hmm.

Cameron: ’ cause it’s, uh, ’cause I as a buy again. One more note. I want­ed to point out OML. Who you also did a pulled pork on recent­ly. Ooh, media.

Tony Kynas­ton: Ooh,

Cameron: Ooh.

Tony Kynas­ton: Night Media.

Cameron: it’s one of these ones like, I think it was, uh, a GLI was talk­ing about recent­ly. Um, it’s, uh, oh my god.

Tony Kynas­ton: AGL or IGL.

Cameron: Sor­ry. No, AGL, but I, I just pulled up FEX’s Bret­ta­la­tor by mis­take. Um, ’cause I was gonna look at OML. FEX has become a three point sell today. God damnit. Yeah. Like, just, any­way, so that sucks. Um, OML is one of these weird ones.

I think it was like AGL recent­ly where it’s [00:21:00] a, tech­ni­cal­ly it’s a three point sell, but I. If you look at the Bret­ta­la­tor, the three point sell lines just going ver­ti­cal right at the end of the chart as is, it’s track­ing the price, so the price is going up, but the three point trend line

Tony Kynas­ton: yeah, we

Cameron: sell line is going up

Tony Kynas­ton: Yeah,

Cameron: faster than it,

Tony Kynas­ton: yeah,

Cameron: it’s going ver­ti­cal.

Um, so I haven’t sold it. It is in one of the live port­fo­lios. I haven’t sold it for the same rea­sons I did­n’t sell who­ev­er it was, uh, a few weeks ago when we last talked about anoth­er sit­u­a­tion like that. Uh, TPG, I think accord­ing to my notes, is anoth­er one like that

Tony Kynas­ton: Inter­est­ing,

Cameron: might have been TPGI was look­ing at.

Tony Kynas­ton: saw this com­ing out of, uh, COVID, that the lines going up were so steep that the, the sec­ond two on the, on the sell line was so steep. The It would, it could be below its the graft could be below its sell line, but still going up. [00:22:00] Yeah.

Cameron: Yeah, CPG is anoth­er one. Sell price is $5 45. Cur­rent price is $5 38, but it’s been going up track­ing the, so they, they all had their low­est point ear­ly this cal­en­dar year, sort of Jan­u­ary, Feb­ru­ary, this year, dipped. Um, then they’ve been going up since then. But, um, the three point sell lines, beat­ing them, track­ing them, it’s weird.

Tony Kynas­ton: Yeah. So it changes from month to month and it’s just worth watch­ing, I think. But, I, remem­ber back in COVID times I was hold­ing onto them until we had a very clear down­turn to, sell on.

Cameron: Yeah. Okay. Alright, well, uh, sor­ry, that’s just, I just want­ed to point out, that’s why I haven’t sold it. If any­one’s won­der­ing.

Tony Kynas­ton: Had a cou­ple of RIPs dur­ing the week Cam, which was­n’t very nice. Michael

Cameron: [00:23:00] Michael Mad­son.

Tony Kynas­ton: Hmm

Cameron: Oh, I know. I talked about him on show. I did on Fri­day. Um, yeah, one of my favorite, favorite actors.

Tony Kynas­ton: me too.

Cameron: I mean, unfor­tu­nate­ly, he, I mean, he nev­er, he did­n’t have, I mean, I think IMDB has him in 328 films. Four of ’em are good. Um,

Tony Kynas­ton: hang on.

Cameron: three Taran­ti­no films, uh, well four, if you count the two Kill Bells. Um, three Willie and,

Tony Kynas­ton: Er and

Cameron: uh, okay.

Thel­ma and Louise. Yeah.

Tony Kynas­ton: him.

Cameron: And, uh, kill Me Again, which I watched about a year ago. It’s him and Val Kilmer.

Tony Kynas­ton: Hmm

Cameron: Um, late eight­ies sort of, I. Noir film by Jo, by John Dahl. Um, the guy who did Red Rock [00:24:00] West, which is

Tony Kynas­ton: I.

Cameron: Nick Cage, one of my favorite Nick Cage films. Um, there it is, kill Me Again. Isn’t as good. But it has sim­i­lar sort of noirish, pre Taran­ti­no, noirish feel to it.

Tony Kynas­ton: Okay.

Cameron: Uh, but he was great as the bad guy in it. Just, just that sort of cool brood­ing,

Tony Kynas­ton: Effort­less.

Cameron: like a James d esque sort of qual­i­ty

Tony Kynas­ton: Hmm.

Cameron: to him. He could just pull that face where he looked amused, but threat­en­ing at the same time. You know, he had a, he had a real unique way about him.

Tony Kynas­ton: He was in, I was flick­ing through chan­nels dur­ing the week, and he was in the back­ground in the scene in Don­nie Bras­co, which I did­n’t recall.

Cameron: He was a mob boss in Don­ny Bras­co. Yeah.

Tony Kynas­ton: Well, the film I

Cameron: I.

Tony Kynas­ton: I did­n’t watch it again, but, um, watched about half an hour of it and he was in that.

Cameron: Hmm.

Tony Kynas­ton: hmm.

Cameron: Yeah, I nev­er real­ly liked it. I, I, I’ve been mean­ing to go back and [00:25:00] rewatch it, but I remem­ber at the time, even though I’m a big Paci­no fan, and, and John­ny Depp fan too, but just did­n’t kin­da work for me.

Tony Kynas­ton: Yeah, I am not so sure about Depp. I, I like John­ny Depp, but I’ve, most of his movies I don’t let go, uh, yeah.

Cameron: Oh.

Tony Kynas­ton: I’m not Real­ly?

Cameron: I mean, come on. All the Tim Bur­ton stuff he does has been pret­ty amaz­ing. I mean, it’s, you don’t think so? Yeah. You know. Okay.

Tony Kynas­ton: he,

Cameron: All right. What else you got?

Tony Kynas­ton: no. Yeah,

Cameron: Is this after hours? Are we already in after hours?

Tony Kynas­ton: we can be if you like. Well, speak­ing of Nick Cage, I’ll do one more. Um, Julian McMa­hon, appar­ent­ly RIP

Cameron: That was shock­ing. Yeah. Real­ly shock­ing.

Tony Kynas­ton: And

Cameron: Yeah.

Tony Kynas­ton: the Nick Cage movie, the surfer that we spoke about in after our, so yeah.

Cameron: a clip from him in that.

Tony Kynas­ton: Died of, died of shame.

Cameron: Wow.

Tony Kynas­ton: of shame.

Cameron: Wow. You know, who did J of Shame was? Rus­si­a’s, uh, recent­ly [00:26:00] fired Trans­port Min­is­ter who was found dead from a gun­shot wound in his car hours after he was fired by Vladimir Putin. So there you go. They’re say­ing it was a sui­cide, but you nev­er know if Dude Rus­sia sui­cide by Putin could have been. We dun­no.

Tony Kynas­ton: All

Cameron: He was gonna be up on cor­rup­tion charges.

Tony Kynas­ton: Oh, okay.

Cameron: I’ve got a good Xi Jin­ping sto­ry to tell lat­er, but I’ll let you do fin­ish invest­ing stuff first, and then we’ll talk about

Tony Kynas­ton: So

Cameron: Jin­ping Ping.

Tony Kynas­ton: get­ting back to invest­ing, there was, um, there’d been arti­cles, of course that’d be year end, about what assets per­formed well and what one has­n’t, et cetera. And there’s been plen­ty of writ­ten, writ­ten, uh, plen­ty of sto­ries writ­ten about that. But one, the caught my eye on the week­end was about which, which were the best per­form­ing asset class­es last year and over the last five years. and not, not to. Dwell on that. What, what real­ly sur­prised me [00:27:00] was the per­for­mance of bal­anced funds. bal­anced funds, um, and I’m talk­ing about super here. in 24, 25 ki I think they returned 10.2% was the aver­age bal­ance fund. And, uh, that’s like, that was less than the per­for­mance of the index, which, um, I’m just try­ing to look up the num­ber on, on the fly here was more like 12, 13%.

Yeah, 13%.

Cameron: Yeah.

Tony Kynas­ton: Um. And well, we’ve talked about this before. I guess I’m gonna throw some­thing out there. I am a sup­port­er of the super­an­nu­a­tion, um, indus­try, the super­an­nu­a­tion and amount being put aside for future sav­ings. I think there can be some changes to it, as we spo­ken about before, and I think there might be some tweaks com­ing, but, um, [00:28:00] I think one thing it does poor­ly is it does­n’t edu­cate peo­ple into what their options should be.

I mean, it tends to say if you’re approach­ing retire­ment, going to bal­ance mode, but as I know from my expe­ri­ences in the GFC, every asset class goes down some­thing, when the, you know, shit hits the fan. So you’re gonna retire and have some kind of sta­ble. Retire­ment because you’re in a bal­anced fund is non­sense. if you’re in a bal­anced fund, you’re actu­al­ly miss­ing out on, um, on some upside because at least in the last, uh, three years and in the last year, the just the putting your mon­ey in an ETF, uh, the Aus­tralian and Aus­tralian ETF would’ve out­per­formed a bal­ance fund. And what I found inter­est­ing about the arti­cle I read was that the aver­age MER, so the aver­age, uh, fee on, um, in super for just a, a bal­anced fund in the, my super default sec­tion is now approach­ing 1% was [00:29:00] 0.9% was the aver­age.

So you are pay­ing for the priv­i­lege of under­per­for­mance. Now I know that Super­fund man­agers would say, yeah, but we’re, we have a lot, lot of work to do to diver­si­fy the port­fo­lio and to dif­fer­ent asset class­es and that’s why it’s a bal­anced fund and there’s work involved and I get all that. But, um. Should you real­ly be in an asset class that’s low­er than the index and then pay for the priv­i­lege, I guess is my, my thought for this week. And, and my, my answer to that’s no. because, uh, I don’t think being in a bal­anced port­fo­lio pro­vides much safe­ty when the shit hits the fan and you’re not get­ting the per­for­mance and you’re over­pay­ing for it.

So I’ll throw that out there. You can make a Tik­Tok out of it. We’ll get of peo­ple want­i­ng to, you know, argue with me and that’s fine. But, um, you know, use the facts, not, um, not your opin­ion.

Cameron: So what do you think, like if you were made [00:30:00] the Aus­tralian, uh, super­an­nu­a­tion czar by your mate elbow, what would you do?

Tony Kynas­ton: My may help elbow, uh, I would do a cou­ple of things. I, I would, um, sug­gest my super should go into ETFs. Um, and you know, I, there’d be some debate about whether that’s just Aus­tralian or whether it’s over­seas and Aus­tralian. Um, but that’s what I’d be doing. Uh, I would­n’t be, so your fees are like, the fee?

What’s the MER on STW or VAS They’re very low. They’re about 0.2, 0.25 of 1%. So straight away you are, know, three quar­ters of, of a per­cent bet­ter off than being in a bal­anced fund. Um, in terms of super­an­nu­a­tion, I, you know, it’s got­ta be, they, they, they’re try­ing to review it now in terms of whether it should be inter­est free in retire­ment or what­ev­er, sor­ry, are tax free and retire­ment, a whole dif­fer­ent ket­tle of fish.

One thing I would con­sid­er doing is, [00:31:00] allow­ing peo­ple to take mon­ey back out­ta super as long as it went into. Um, the deposit on an own­er occu­pi­er house. So I, I did some research in the last week or so, ’cause um, Alex will be in the mar­ket, I guess as a first home buy­er at some stage in the com­ing years. And there is now an equi­ty, um, a, a COE equi­ty option that the fed­er­al gov­ern­men­t’s tri­al­ing and will like­ly roll out you need a 5% deposit, but then they go COE equi­ty with you. It’s like buy­ing a house with a rel­a­tive or a par­ent or a mate or what­ev­er, um, which eas­es your way into the prop­er­ty mar­ket.

And then there are some rules around when you sell it, you have to pay them back and et cetera, et cetera. Uh, or if your cir­cum­stances chang­ing, you might have to buy them out. But, um, it’s not a bad idea. But, uh, if you allow peo­ple to do that with their super, then the gov­ern­ment does­n’t have to go on the hook. Right. And. It does­n’t always have, it does­n’t nec­es­sar­i­ly have to be a mon­ey out of super to use on your house. It could be [00:32:00] some­thing like the super­an­nu­a­tion you’ve accrued, uh, loans you the mon­ey for a deposit on a house or to help you buy the house.

Cameron: Does that help first home buy­ers?

Tony Kynas­ton: The prob­lem with first home buy­ers at the moment is, as our lis­ten­ers have told us, is that, know, to get a 20% deposit on a house or even a 10% deposit on a house, you’re sav­ing 70,000 odd for a starter home. Like if a home is, the aver­age home price is a mil­lion bucks, but say a starter is $700,000, then you’ve got­ta find 70 for 10% and then you’ve got­ta buy, buy the mort­gage insur­ance, or at 20% you’ve got­ta save $140,000. So that’s one of the, the bar­ri­ers to entry to home buy­ers. But if you had, you know, some, some mon­ey in super 70 grand in super. Um, that’s sav­ing for your retire­ment, but so is own­ing your own home, um, is also help­ing you in retire­ment. So why should­n’t you maybe have some kind of loan from super to, um, to fund your entry into the mar­ket so it [00:33:00] can be repaid over time, back into super, or it’s there if you sell the home, it goes back into super, it just does­n’t go into your pock­et and then get frit­ted away.

So that would be my change to super at the moment

Cameron: Right. Okay.

Tony Kynas­ton: as

Cameron: Well, I.

Tony Kynas­ton: my super into, in, into an index. ETF.

Cameron: Right. You can You do that already though, as if you have your super, you can put it into an ETF, can’t you?

Tony Kynas­ton: So you have to do some­thing like you are doing now where you get the abil­i­ty to take your, or direct your invest­ments. Um. I, I’d be inter­est­ed to know how many peo­ple do that and they’re aware of that option at the moment. If you make no option, it defaults into my super. Um, I’m not sure whether that’s a, it goes into the, my super bal­ance, but it prob­a­bly does. Um, which I like, you know, like I said, is, is putting fees into the fund man­ager’s pock­et, [00:34:00] um, giv­ing, giv­ing you an under­per­for­mance if you in com­pare to hav­ing it as an an an index hug­ging UTF.

Cameron: Right. So

Tony Kynas­ton: My client bud­dies

Cameron: a lot of that comes d.

Yeah. Uh, a lot of this comes down to edu­ca­tion though, right? So, uh, you know, peo­ple aren’t being edu­cat­ed about what their options are. I mean, they’re, they’re rely­ing on the indus­try to edu­cate peo­ple, but the indus­try has incen­tives, uh, still even after the inquiries that have been had, the in indus­try still has incen­tives to push peo­ple this way or the oth­er way, right?

Tony Kynas­ton: Yeah, And you know, even though I, I’m a of indus­try funds ’cause they gen­er­al­ly are cheap­er than retail funds. I, I still get annoyed when I see them adver­tise on TV say­ing, you know, I’ve got, [00:35:00] fund’s got 8% return over the last 10 years or 15 years, or what­ev­er it is. And I’m like, I’m think­ing to myself, well that’s sub index. why, why? the old mar­ket­ing trick of pro­mot­ing your, your worst, your worst fea­ture. ’cause you had good

Cameron: Yeah, you, you, it’s like you say that, like it’s a good thing, 8% real­ly. But here’s the thing, like speak­ing from my own expe­ri­ence before we start­ed doing this show,

Tony Kynas­ton: Yeah.

Cameron: I would­n’t have known if that was a good thing or a bad thing. Now I look at that and go, well, that’s sad. That’s, that’s, that’s a bad result.

But I did­n’t know that six years ago.

Tony Kynas­ton: Because as you say, all the indus­tries aligned to mak­ing you look some­where else where they get a fee.

Cameron: Hmm.

Tony Kynas­ton: And now what’s sur­pris­ing to me, I mean, I, I, I was sur­prised that the aver­age fee for a, my super default option was now 0.9% [00:36:00] because, um, you know, that’s, that’s get­ting up there. I, I always thought they were, they were pret­ty low, like half that, but uh, no they’re not.

Cameron: Hmm. Okay. What else you got?

Tony Kynas­ton: I got­ta pulled pork on, uh, plen­ty group. You heard of that?

Cameron: PLTI have, they’ve, um, pret­ty sure I’ve bought them. I own them.

Tony Kynas­ton: I’m good.

Cameron: Let me see. PLT. Yeah, I own them in, uh, two, well, two parcels in the same light port­fo­lio. Had ’em since May of this year. So not that long. One’s up 6%. One’s up 5%. So is this gonna be a Pul pork bless­ing today, Tony?

Tony Kynas­ton: Oh, I think so. Depends.

Cameron: Ah, love­ly. Great. Ter­rif­ic.

Tony Kynas­ton: the yet, so we’ll see. I’ll assume it’s com­ing.

Cameron: Okay. Yeah, you got­ta get out­ta jail [00:37:00] free card from me, Tony. It’s just, you know, do what­ev­er you want.

Tony Kynas­ton: Fan­tas­tic.

Cameron: I’ll help you bury the bod­ies. Tony. Just, you know,

Tony Kynas­ton: You a Win­ston Wolf, are you? like call, call,

Cameron: I am.

Tony Kynas­ton: call you at six o’clock in the morn­ing. Uh, got a prob­lem here.

Cameron: Uh, yeah, gen­tle­men, I work fast. Oh, I can’t remem­ber the line. I used to know that line off the top of my head. Now I can’t remem­ber it. It’s a good line.

Tony Kynas­ton: I love that

Cameron: All right. Off you go.

Tony Kynas­ton: where Win­ston’s in the

Cameron: Hmm.

Tony Kynas­ton: wear­ing black tie at like four in the morn­ing walk­ing around, mak­ing sure all the

Cameron: Yeah.

Tony Kynas­ton: patrons are okay. Yeah. And then gets the call.

Cameron: Yeah.

Tony Kynas­ton: You

Cameron: I saw Har­vey Kotel was the, he was the first per­son that I, the, I’ve actu­al­ly, I think the only per­son I’ve seen who came out and did like a, an obit for Michael Mad­son

Tony Kynas­ton: I’ve seen

Cameron: talked about.

Tony Kynas­ton: Right.

Cameron: Yeah. Has Taran­ti­no said any­thing?

Tony Kynas­ton: It was, um, just a post. Um, I for­get what, but yeah. Pret­ty. Pret­ty ani­me stuff. Um, and I

Cameron: right.

Tony Kynas­ton: I saw, uh, a clip from Let­ter­man, [00:38:00] with Michael Mad­son being inter­viewed, and,

Cameron: Yeah.

Tony Kynas­ton: yeah, I could­n’t tell whether David liked him or not because MAD’s just sort of sit­ting in the chair real­ly cru­el­ly, you know, not real­ly sort of half par­tic­i­pat­ing in the con­ver­sa­tion.

And, and Let­ter­man goes, uh, you could have worn a tie tonight. You know, and, and Mad­den kind of, he’s got like three but­tons on undo, pulled, like scratched his chest. Every­one goes wild in the audi­ence, let Let­ter­man goes. You just did that for ticks, did­n’t you?

Cameron: He is try­ing to get a rise out of him. And Man­son’s just being super cool. Yeah, he was very cool. Very, very cool guy.

Tony Kynas­ton: Okay. Plen­ty

Cameron: All right,

Tony Kynas­ton: Pret­ty cool com­pa­ny from what I can see. Uh,

Cameron: Michael Mad­son. Cool.

Tony Kynas­ton: maybe

Cameron: Okay.

Tony Kynas­ton: Yeah, they’re pret­ty

Cameron: All right.

Tony Kynas­ton: So,

Cameron: We’ll find out.

Tony Kynas­ton: yeah, well, they, they’re, um, they claim to be the largest Fin­Tech lender in Aus­tralia. So [00:39:00] straight off the bat, I’m like going, I don’t know if that’s the case. Um, because, you know, pep­per mon­ey, which is on the top of our buy list, is about four times the mar­ket cap size.

So I’d say they’d be big­ger and they’re Fin­Tech a Fin­Tech lender. But what they might be is maybe the claim relates, relates to them being the largest P two P lender. P two P, uh, so inter­est­ing busi­ness mod­el. Um, two P lend­ing means that you can invest with them or you can bor­row from them. So it’s, the web­site has two sides to it.

You can go in and choose whether you want to, uh, give them your mon­ey and then receive a, uh, an inter­est pay­ment on a reg­u­lar basis. So basi­cal­ly, you are the, you are the lender, or you can go in and bor­row mon­ey for what­ev­er use you wan­na use it for. And, uh, prob­a­bly their, their busi­ness­es in terms of the lend­ing side [00:40:00] is around three types of loans, so per­son­al loans. But then, uh, offer auto­mo­tive loans and renew­able ener­gy loans, which I thought was inter­est­ing. And, uh, they do it quick­ly. They run an online cred­it check on the per­son, and they tend to approve loans to very cred­it wor­thy bor­row­ers. So it hap­pens quite fast in that cir­cum­stance. And, uh, they claimed in their lat­est results, they’re now start­ing to use AI to improve the cred­it wor­thy checks on those online approvals. Um, but inter­est­ing­ly enough, they, uh, of their auto­mo­tive loans, a lot of those loans are going to elec­tric vehi­cles and they actu­al­ly have a rela­tion­ship with Tes­la in Aus­tralia to pro­vide loans or some loans for peo­ple who are buy­ing Tes­las. uh, I thought it was inter­est­ing. They’re doing a lot of work with bat­ter­ies at the moment.

So part large part of their loan book is going to peo­ple who are putting solar pan­els on their homes and buy­ing [00:41:00] bat­ter­ies, uh, or, uh, yeah, buy­ing bat­ter­ies and using the, the, uh, uh, plen­ty group loan to fund it. So, um, inter­est­ing sort of, uh, busi­ness. Um. Their loan loss rate is 1.1% and it’s been flat on pri­or years, so that’s, uh, high­er than the banks.

Um. Because the banks are run­ning mort­gage books. But, um, but that’s still pret­ty low and pret­ty flat. And on the lend­ing side, um, if you’re wor­ried about los­ing 1% of your cap­i­tal, they actu­al­ly have a pro­vi­sion fund. So you pay an estab­lish­ment fee that you get back, um, at the end of your loan term. But if some­one does default, uh, they’ll take from the fund to make you whole again. And they claim that, um, they’ve, all, that plen­ty has always had a hun­dred per­cent track record of pro­tect­ing, uh, investors. But, you know, obvi­ous­ly not an absolute guar­an­tee if, um, if loans, um, the [00:42:00] loan defaults rise a lot. Uh, but yeah, inter­est­ing mod­el. I thought it’s, um, true peer to peer. Uh, I should­n’t say true peer to peer.

I think they do to bol­ster their loan pool, um, issue bonds into the mar­ket from time to time as well. Uh, but, but yeah, if you are. Speak­ing of retirees, as we were before, if you’re in the mar­ket want­i­ng a secure div­i­dend, uh, at least loans to cars and bat­ter­ies are gonna be secured by asset, which means if some­one does default, then plen­ty has the right to go in and repos­sess.

So that case, you are get­ting your mon­ey back. Um, per­son­al loans not as easy, ’cause some­times peo­ple use those for or hol­i­days or what­ev­er, but, um, but prob­a­bly two thirds or so the loan book is secured. Uh, they orig­i­nal­ly were found­ed in the uk but then came to Aus­tralia in 2014, found­ed in the UK in 2010 as a peer tope lender came to Aus­tralia in [00:43:00] 2014, um, estab­lished local­ly here, list­ed here, and yeah, they’ve gone from there.

But if you look at the. Their num­bers over the last five years, they’ve both in terms of their loan pools and in terms of their rev­enue, they’ve had some­thing like a six­fold increase those two met­rics over the last five years. So at least recent­ly, they’re start­ing to see very strong growth in this mar­ket. Um, and the results for the last year were pret­ty good. So their year end is 31st of March, 2025. So it’s one of the things on the buy list, which we can use the most recent num­bers for. And that’s, I guess a heads up for peo­ple going into report­ing sea­son, which is com­ing up next month, that, um, the num­bers for com­pa­nies with a June. Uh, end date are now get­ting, you know, five or six months old. So just be of that and fac­tor that into your con­sid­er­a­tions. But, uh, these [00:44:00] ones are only a month old, so, uh, sor­ry, I should­n’t say that. They would’ve come out March end date would’ve been, may would’ve been the report­ing peri­od. So they’re a cou­ple of months.

Um. Any­way, total loan port­fo­lio for the last 12 months was up 19% rev­enue up 23% and full year impact, uh, more than dou­bled the pri­or year up 126%. they reduced their cost to income ratio from 26.5% down to 23.9% in the, um, lat­est results. And claim­ing that’s evi­dence of the oper­at­ing lever­age inher­ent in their tech­nol­o­gy led busi­ness mod­el. just to com­pare and con­trast, CBAs cost to income ratio was 45% or is 45%. So. dif­fer­ence to, um, to the tra­di­tion­al banks,

Cameron: Yeah.

Tony Kynas­ton: their cost struc­tures, like­wise with, um, net inter­est mar­gins. So net inter­est mar­gin. [00:45:00] Anoth­er met­ric I like to track for banks was 5.3% and was up 14 bips, 14 basis points com­pared to CVA with a net inter­est mar­gin of only 2.08%.

So big again, big dif­fer­ence, by being online only. Um, cou­ple of things that have hap­pened for this com­pa­ny recent or recent­ly. So June they’ve announced that the West Aus­tralian has, uh, got them involved in run­ning the West Aus­tralian res­i­den­tial bat­tery scheme so that. Plen is using its tech­nol­o­gy to pro­vid­ing a sim­ple appli­ca­tion and man­age­ment por­tal for accred­it­ed ven­dors, allow­ing house­holds to access both the rebates and financ­ing in one sim­ple expe­ri­ence for their, for their bat­ter­ies.

And, um, the West Aus­tralian gov­ern­ment is, uh, pro­vid­ing, uh, very good incen­tives and rebates to buy bat­ter­ies at the moment, and plen­ty’s facil­i­tat­ing that scheme. Uh, obvi­ous­ly [00:46:00] they get the ben­e­fit of peo­ple tak­ing out a loan to buy the bat­tery, um, even after rebates. Uh, and then, uh, also in the last lit­tle while, uh, plen­ty and NAB have announced a strate­gic part­ner­ship. So under the part­ner­ship, plen­ty pro­vides NAB pow­ered by Plen­ty Car and elec­tric vehi­cle loans. And makes the plen­ty brand renew­able ener­gy finance avail­able to NAB cus­tomers. um, launched in the sec­ond quar­ter in 2025, so last year. Um, but it’s been ramp­ing up and has, it’s, uh, had, um, it quite, uh, quite a large increase in the last quar­ter of peo­ple tak­ing out loads loans through the NAB Pow­er by Plen­ty plat­form. And the oth­er thing to men­tion in terms of recent news is that they tran­si­tion their CEO. So Ben­nett, um, who is ex NAB actu­al­ly, so he per­haps was behind that, uh, tie up. [00:47:00] joins as CEO and the co, one of the co-founders, Daniel Fogo tran­si­tions to, uh, a non-exec­u­tive direc­tor role. So, um, seems to be a suc­cess­ful tran­si­tion based on the lat­est results. Uh, QAV num­bers for this com­pa­ny and I has­ten to add, uh, aver­age dai­ly trade for this com­pa­ny is only $59,000, so it’s small, though it’s been, it’s been, it has been grow­ing over the last five years. Um, it’s only gonna suit small port­fo­lios or at least a small posi­tion. In the larg­er port­fo­lio, their price for analy­sis was 91.50 cents. Uh, inter­est­ing­ly enough, that’s only 70% of the con­sen­sus tar­get. It’s above IV one, which is $2 and 3 cents, but below IV two of 31 cents. Uh, it’s above, well above, uh, book val­ue, which is 24 cents per share. So we can’t score it on that com­pa­ny isn’t pay­ing a div­i­dend, so we can’t score it on that. Um, Stock Doc­tor finan­cial [00:48:00] was only mar­gin­al and the trend was steady. Um, I also saw that in the Stock­o­pe­dia qual­i­ty rank­ing, which was only 41, um, I think both qual­i­ty. Rank­ings or qual­i­ty val­u­a­tions are low­ered because of the P two P mod­el. So a lot of them, um, are set up for indus­tri­al type com­pa­nies, which plen­ty isn’t. Not even a nor­mal finan­cial ser­vices com­pa­ny ’cause it’s, it’s both a, um, a lender and a bor­row­er. or it’s a bit, a bit of a vari­a­tion on that. Uh, are doing it direct­ly. and so I think that’s what’s affect­ing the, the qual­i­ty rank­ing. Um, cer­tain­ly I think in the case of the Stock­o­pe­dia mod­el, but when I draw into the Stock Doc­tor mod­el, you know, they’ll look at things like, um, cash on assets and things like that.

So, If the com­pa­ny’s both are sort of, you know, book Book­end­ing the loan and tak­ing [00:49:00] up a mar­gin in the mid­dle, of those met­rics aren’t gonna work well for it, but it, it does­n’t wor­ry me that they’re not. Um, Stock­o­pe­dia, the val­ue rank­ings 89, which is good, and momen­tum rank­ing is 96. So even though the, the qual­i­ty rank­ing was low, the over­all rank is 87. And inter­est­ing­ly enough, the F score for this is sev­en out of nine. So. quite get my head around Edia say­ing it’s got a high F score, but then giv­ing it a low rank for qual­i­ty. There’s obvi­ous­ly met­rics that play in there when I had a look. Yeah, it was, it was, um, it was look­ing at things like, uh, or I can’t find it now, but was look­ing at some of those, um, cash to asset type met­rics you’d find in an indus­tri­al com­pa­ny. Um, but again, um, one of the things that they, they do score it for in, for qual­i­ty in Stock­o­pe­dia is return on equi­ty this is a cap­i­tal light busi­ness. And so the ROE in Stock­o­pe­dia was record­ed as 71.9%, which is huge. [00:50:00] And Stock Doc­tor, they have it as 213%. So sure why they’re dif­fer­ent, but they’re both very big. prob­a­bly tim­ing issues there, I’d say, you know, per­haps one’s doing it for the quar­ter and one’s doing it for the full year. but yeah, very, very large ROE met­rics, we don’t score it, um, as such, but, uh, it’s a cap­i­tal like busi­ness, which may be of inter­est to, uh, some of the lis­ten­ers. What’s inter­est­ing me is the PE for this com­pa­ny is 2.3 times, and the Pr/OpCaf is one, 1.01 times.

So we can buy this com­pa­ny at, at, basi­cal­ly it’s, um, Pr/OpCaf, but it’s the cash, it’s fly­ing off at two times, a lit­tle over two times the earn­ings for the com­pa­ny. So a scream­ing buy in terms of val­ue. Uh, one thing, which sort of I tried to drill into but could­n’t get, um, my head around was, Stock Doc­tor is fore­cast­ing neg­a­tive earn­ings per share growth. and that did­n’t gel with what the com­pa­ny is say­ing about growth. If [00:51:00] you look at their annu­al, um, if you look at their, pre­sen­ta­tion on their annu­al results, they were, they were fore­cast­ing growth. So not sure why that’s hap­pen­ing. A Stock Doc­tor are tak­ing that or that fore­cast from one of the bro­kers who cov­er the com­pa­ny.

There’s only one bro­ker the com­pa­ny. So I, I could­n’t get access to that broking report, so I can’t say why the fore­cast is for neg­a­tive earn­ings per share. I, I’m a bit sus­pi­cious of that giv­en the growth the com­pa­ny’s had over the last five years and what they’re say­ing in their pre­sen­ta­tion.

But any­way, it’s only one part of our. Our, uh, our check­list, but we can’t score it for growth over pe. look, per­haps I’m wrong and that’s the rea­son why it’s trad­ing so cheap­ly. but it does­n’t sort of gel with what I’m see­ing in oth­er areas. is a known founder on the board. So Daniel Fogo, as I said before, is now on the board holds. The board holds 24% of shares, most of which are his. it, uh, does­n’t ha it is, uh, with pos­i­tive sen­ti­ment, [00:52:00] the upturn crossed last year. So we can’t say it’s a recent upturn in terms of, uh, buy­ing. So we don’t fault for that. and it does­n’t have con­sis­tent­ly increas­ing equi­ty. Um, so we can’t score it for that.

So all in all, eight out of 15 for qual­i­ty or 53%. Um, but as I said, I’m a lit­tle bit skep­ti­cal of the qual­i­ty scores com­ing out­ta Stock Doc­tor and Stock­o­pe­dia, over­all a QAV score of 0.52, which is high way up on our buy list and dri­ven by Pr/OpCaf. So, yeah, I’ll leave, I’ll leave it at that. I don’t need to wor­ry about, you know, try­ing to fer­ret out bet­ter qual­i­ty scores for it when it’s got a score of 0.52.

I think. So, um, I think it’s very inter­est­ing, the risks. Uh, I think, uh, there’s a lot of the busi­ness­es based on vehi­cle car loans and solar and bat­tery loans. So any sort of down­turn in the EV busi­ness, which is hap­pen­ing in the states accord­ing to some of the reports I’m read­ing, uh, or the [00:53:00] removal of green sub­si­dies for solar and bat­ter­ies by gov­ern­ments, which I don’t think is gonna hap­pen, but it’s a risk when it does that will hurt the busi­ness.

Um, the strengths are the cap­i­tal, like mod­el high RRE, expens­ing tech devel­op­ment costs, which they call out, which is a good thing, I think. So a lot of tech com­pa­nies will put the of, uh, of their. It devel­op­ment, their bal­ance sheet and then depre­ci­ate it. But these guys are pay­ing for it out of prof­it, which is good. Own, the founder on the board is great, and I like to look at a new CEO who’s, um, the ex nab, CIO and had oth­er, you know, man­age­ment roles with­in NAB and oth­er com­pa­nies. So cer­tain­ly a very expe­ri­enced per­son at a big cor­po­rate to, to run this com­pa­ny. So, um, yeah, I liked what I saw, but, uh, do your own research and have a look.

Cameron: My only, my rec­ol­lec­tion from NAB back in my Microsoft days is they went. Six years [00:54:00] over time­frame and triple the bud­get of try­ing to roll out a new IT

Tony Kynas­ton: Mm-hmm.

Cameron: sys­tem. Not sure if this CIO was that CIO, but yeah.

Tony Kynas­ton: Yeah,

Cameron: Nev­er had the impres­sion that any of the big banks in this coun­try were that good at rolling out it.

They’re a bit like ACE ASX.

Tony Kynas­ton: Yeah. Well, I think the prob­lem with the big banks, and they will read­i­ly admit this, is the, is their lega­cy sys­tems. They’ve got, often­times they run on Hogan, which is, um, a big bank, uh, kind of all things a bit like SAP became in the late nineties, two thou­sands. and, uh, it’s very hard and very cost­ly to get off Hogan and they’ve gen­er­al­ly tak­en the approach of patch­ing it, which has become expen­sive to main­tain over the years.

So, yeah, look, um, he’s prob­a­bly done the right thing leav­ing NAB as a CIO going to a tech com­pa­ny because it’s an incred­i­bly frus­trat­ing job as, um, we talked about with the A NZ pulled pork when the UCEO came [00:55:00] in the, um, I think, uh, Carnegie who was in charge of their one plat­form has now left the com­pa­ny.

So, uh, for what­ev­er rea­son, it’s not an easy job try­ing to put a new plat­form into a big bank in Aus­tralia.

Cameron: No, but that’s your job. If you’re the CIO. No one said it’s gonna be easy, but going, tak­ing six years longer than you said it was gonna, and going two or three times over bud­get is, you know, not a good look.

Tony Kynas­ton: No, it’s

Cameron: Yes. It’s hard. That’s your, that’s your job. Do the hard things. Um, all right, well thank you for that.

Let’s see if it’s a pulled pork cur­sor, a pull pork bless­ing, time will tell.

Tony Kynas­ton: see if the check comes through and clears.

Cameron: I. Well, I guess that’s after hours. Tony, I got a few things to talk about, but I just want­ed to have a laugh with you about this, uh, finan­cial review arti­cle I saw yes­ter­day. It must have been anoth­er slow news day at the Fin yes­ter­day, [00:56:00] an arti­cle, fair­ly promi­nent arti­cle, the title of which was The Fad­ing Pow­er of Xi Jin­ping.

I was like, Ooh, his pow­er is fad­ing. He goes on to say, in a sys­tem, sor­ry, put on my Hol­ly­wood movie trail­er voice in a sys­tem built on secre­cy. No one knows the real­i­ty behind the scenes, but there are signs. Chi­na’s leader. Could be in polit­i­cal trou­ble, cut to shots of explo­sions, sol­diers run­ning around guns.

Then he goes, Xi Jin­ping, the pres­i­dent of Chi­na, burned the oppor­tu­ni­ty on Sun­day when he failed to arrive at a sum­mit of bricks coun­tries, Brazil, Rus­sia, India, and Chi­na and Rio de Janeiro, the first time in his 12 years as Para­mount leader. This announce­ment, along with oth­er recent devel­op­ments, has trig­gered spec­u­la­tion that Xi could be in polit­i­cal trou­ble [00:57:00] or even that his long suprema­cy over Chi­na may be under threat.

Scroll down the page a bit, says, just as Cold War crim­i­nol­o­gists would ana­lyze the pre­cise line­up of polyp Bureau mem­bers at the May­day Parade. So Chi­na watch­es are pour­ing over these new facts thus far, the most respect­ed. Do not dis­cern any clear sign that she is in trou­ble. I see no evi­dence that he is los­ing pow­er and I have not seen or heard any cred­i­ble, cred­i­ble evi­dence of a move against him.

Says Michael Sheri­dan, the author of the Red Emper­or Biog­ra­phy of Xi, but just because no growls are audi­ble out­side Jong hai, it does not fol­low that the Bull­dogs with­in must be quent against all. This says Sheri­dan, can­did­ly is the big caveat that we just don’t know. Then they con­tin­ue on for anoth­er two and a half thou­sand words talk­ing [00:58:00] about why she may be in trou­ble even though their num­ber one, she expert said, I see no evi­dence to sug­gest that he’s in any trou­ble, but I fig­ure if they pre­dict it long enough one day they will be right.

1. They say, see, we’ve been telling you for 20 years that he was in trou­ble and he died of a heart attack or some­thing. So it’s just hys­ter­i­cal.

Tony Kynas­ton: I saw that arti­cle too and had the same respons­es. Ter­ri­ble. It’s, it’s, um, a beat up mas­ter’s jour­nal­ism. Got the, we, we can ring some­one up and ask them if they think, gee, she pings in trou­ble. And when they say no, then we can put the oth­er side to it. He might be it.

Cameron: The most respect­ed, they did call him the most respect­ed and then just com­plete­ly ignored every­thing he said and went on for anoth­er two and a half thou­sand words. [00:59:00] Any­way,

Tony Kynas­ton: missed the lead. Right? The lead is, Xi Jin­ping did­n’t turn up to a bricks con­fer­ence. Why? Why don’t they report on what the rea­son was? You know? Was

Cameron: they don’t know.

Tony Kynas­ton: but they could have

Cameron: No one knows.

Tony Kynas­ton: them, could­n’t they? They must be.

Cameron: That’ll, that’ll go down. Well, sure. The Fin has the, the inside num­ber.

Tony Kynas­ton: Hmm. Well, ring up the guy. They got the

Cameron: Inter­est­ing.

Tony Kynas­ton: guy who did his biog­ra­phy. Ask him.

Cameron: Inter, well, he said there’s no, we just dun­no. The, um, the inter­est­ing thing about the bricks meet­ing is it was the same week­end that Trump announced a tar­iff deal with Viet­nam.

Tony Kynas­ton: Hmm.

Cameron: That Viet­nam was at the Brix meet­ing, sign­ing on to become a mem­ber of Brix. So I, I read every day almost, uh, the Chi­nese news and, uh, they were hail­ing the fact that Viet­nam has joined bricks.

Now over 50% of the world’s pop­u­la­tion are mem­bers of bricks. Their coun­tries are mem­bers of bricks. [01:00:00] Um, and how they, you know, the, the. Posi­tion­ing of the lead­ers of bricks at the Bricks con­fer­ence was, can’t trust Amer­i­ca. Amer­i­ca’s volatiles, tar­iffs, tacos on tacos off, tar­iffs up, tar­iffs down. Obvi­ous­ly we can’t, you know, rely on the u the us as a sta­ble trad­ing part­ner any­more.

We need to hud­dle togeth­er and, you know, get our ducks lined up and, you know, et cetera, et cetera. Not a lot of talk about that in the West­ern media though. It’s, uh, that, that Viet­nam just signed onto bricks,

Tony Kynas­ton: What was talked about was Don­ald Trump com­plain­ing that Viet­nam was a con­duit for Chi­nese trade into the US of a cheap­er tar­iff rate.

Cameron: which again will be part of my, uh. Pulled pork in the next show. ’cause the com­pa­ny I’m talk­ing about Zap, zap Health, uh, they make basi­cal­ly cheap smart­watch­es. Um, have recent­ly sunk a ton of mon­ey. Mo they’re Chi­nese [01:01:00] based, recent­ly just spent a ton of mon­ey mov­ing their head­quar­ters to Hol­land and mov­ing their man­u­fac­tur­ing to Viet­nam.

So, yeah.

Tony Kynas­ton: Why did­n’t they move it to the states? Pay no tar­iff.

Cameron: Uh, ’cause there’s no man­u­fac­tur­ing capa­bil­i­ty for any­thing in the Unit­ed States.

Tony Kynas­ton: Uh,

Cameron: Yeah, they need to wor­ry about stop­ping floods right now.

Tony Kynas­ton: was it the

Cameron: Um.

Tony Kynas­ton: peo­ple get togeth­er and decide how much of Trump’s new per­fume they were gonna buy Vic­to­ry? 45, 47. Get in the

Cameron: I had­n’t heard of that. He’s got a per­fume smell. Smell like Trump. What do you reck­on? Trump smells like week old, McDon­ald’s week old, big Max.

Tony Kynas­ton: Coke and golf cours­es.

Cameron: Uh, oh my God. And yeah, God knows. What else? All right. After hours, Tony. Um, my two high­lights for this week, the Black [01:02:00] Sab­bath con­cert in Birm­ing­ham. I watched the oth­er night.

It was pret­ty good, pret­ty sad. I just watched the Black Sab­bath com­po­nent. I dun­no if you’d paid any atten­tion, but it was like a 10 hour con­cert in Birm­ing­ham with a whole bunch of heavy met­al acts, Metal­li­ca tool, anthrax, every­one sort of cel­e­brat­ing Black Sab­bath. They did a lot of peo­ple com­ing in.

Aussie did some of his solo stuff, but then they had the orig­i­nal Black Sab­bath line­up back togeth­er. They only did four songs at the end of the night. But, um, it was pret­ty awe­some. Like I, I, I’ve been a Black Sab­bath fan since I was a teenag­er and my friends and I were in a black Sab­bath in the eight­ies.

And, uh, Aussies not doing well. Like, he’s sit­ting, sit­ting down for the whole thing, read­ing the lyrics off a screen. But his voice, well, yeah, he’s in the late sev­en­ties. He’s had [01:03:00] Parkin­son’s for what­ev­er, 25 years now. But, uh, his voice was sur­pris­ing­ly good. I thought it would be like. I mean, I’ve seen clips of AC CDC out on tour again at the moment.

Bri­an John­son’s voice is ate what he used to be. David Lee Roth’s recent tour. I mean, it’s pret­ty sur­pris­ing­ly good Dave, ’cause he has not had a good run with his voice in 10 years, but still nowhere near what he was in his prime. And he’s a lot younger than Ozzy. Um, who else is on tour at the moment? Uh oh.

Axel Rose. I mean a lot younger than Ozzy too. Um, not great. His voice is shod­dy. Ozzy did a pret­ty good job, but out­side of Ozzy, the rest of the band, geezer, But­ler, Ward and Tony Iom­mi, we’re all about the same age as Ozzy. Um, just fan­tas­tic. Just absolute­ly Tony Iom­mi lead gui­tar. Looks cool as ever. Um, [01:04:00] just killing out the riffs.

War pigs para­noid NIB and. God, what was the fourth track? Can’t remem­ber what the fourth track was. Iron Man, did I say that? Para­noid war pigs, iron Man and NIB, you know, all off their first album. Um, real­ly, real­ly, it was, it was delight­ful. Made me hap­py to see the sabs doing their thing.

Tony Kynas­ton: Uh, did Ozzy go, Sharon, where’s my keys?

Cameron: No, there was a shot of her right at the end. They, they got her stand­ing on the wings. She pulled it all off. She said she’s done. She’s retired. That’s it. She’s out. But, uh, yeah, I mean, you got­ta hand it to Sharon Osborne. She has, she has been a force. Keep an Aussie going for the last 40 years. She is fierce.

Tony Kynas­ton: true.

Cameron: She’s like, remem­ber the gen­tle­man? Uh, the, the TV series ver­sion of it? The [01:05:00] chick who was took over the father’s crime fam­i­ly, that’s she’s Sharon Osborne. Like, she’s just a scouse gang­ster run­ning a rock stars busi­ness instead of run­ning a weed oper­a­tion in the man­sions of a thing. She is, she is hard.

Tony Kynas­ton: I’ve got a man­sion

Cameron: Yeah, prob­a­bly.

Tony Kynas­ton: Yeah. Could have weed

Cameron: Yeah. Yeah. It’s what keeps Aussie going. It’s just all the weed that’s grow­ing under­ground.

Tony Kynas­ton: looked at buy­ing tick­ets to the AC DC con­cert at the MCG, but uh, by the time I got round to it, there was no good seats left. Um, and they were like 400 bucks to sit sort of up high beside the stage. But do you know who’s the sup­port Act?

Cameron: I do not. Oh. Am in the snif­fers. Am in the snif­fers.

Tony Kynas­ton: yeah,

Cameron: I did hear that. Yeah. Which is awe­some that I would go just to see them open for ac DC. That’s so great for them. Yeah. They’re just killing it and total­ly deserved, just so fresh and excit­ing those guys. And girl. [01:06:00] Good for them.

Tony Kynas­ton: I agree. Well, we went

Cameron: Read­ing wise, I,

Tony Kynas­ton: sor­ry, go

Cameron: oh, sor­ry, go ahead.

Tony Kynas­ton: After you.

Cameron: I read The Lit­tle Prince final­ly

Tony Kynas­ton: Okay.

Cameron: Th Osbo. You nev­er heard of the Lit­tle Prince?

Tony Kynas­ton: No.

Cameron: Ah, it’s famous. I’ve been mean­ing to read it my entire adult life. It’s a kid’s book writ­ten by this French fight­er pilot mem­ber of the aris­toc­ra­cy who wrote this book in 1943 when he’d briefly retired from being a mil­i­tary pilot. And then he went back. He was, I.

Liv­ing in the Unit­ed States at the time. And then he signed up for the French resis­tance and flew his last. He was only sup­posed to fly five mis­sions. He flew nine and nev­er returned from the ninth one. And they did­n’t know what hap­pened to him. They found wreck­age from his plane about 20 years ago off the coast of Marse.

It was a big deal in France at the time, but [01:07:00] it’s this lit­tle book that’s much beloved around the world. You go into near­ly every book­shop and you’ll see it in the kids sec­tion. He did all of the art for us. This beau­ti­ful lit­tle sort of quaint sort of pen­cil water­col­ory art. It’s a sto­ry of a guy who was fly­ing his plane in the desert and it crashed like in the, in Africa or some­where, or mechan­i­cal trou­ble.

And while he is try­ing to fix it, run­ning out­ta water, think he’s gonna, um, die of dehy­dra­tion this tiny lit­tle. Guy who says he’s a prince from anoth­er plan­et, turns up and they start hav­ing these long con­ver­sa­tions about all the plan­ets that he’s been to and how ridicu­lous adults are. And it’s a sort of, it’s this pithy lit­tle chil­dren’s book about how grownups are focused on the wrong things.

They’re focused on things that don’t mat­ter. They wan­na be, these are not mat­ters to be tak­en seri­ous­ly kind of things. And they miss every­thing that’s impor­tant in life, like laugh­ter and ros­es and [01:08:00] stars and sun­sets and love and adven­ture and all those sorts of things. It’s just a big sort of writ­ten for kids, but a deep philo­soph­i­cal analy­sis of how adults basi­cal­ly lose the joy of life as they get old­er and start focus­ing on the seri­ous things.

So, um, I final­ly read it and it was fun. I.

Tony Kynas­ton: don’t have any water.

Cameron: Yeah, yeah, yeah. You can be real­ly seri­ous. You get way too seri­ous about that kind of stuff. Yeah. Any­way, I read that I was, I was hap­py to have final­ly, final­ly knuck­led down, and then I start­ed read­ing Mon­te’s essays. I got a list of the most pop­u­lar books, the a hun­dred most pop­u­lar books accord­ing to Per­ian or French or some­thing.

And I start­ed read­ing what the French Think are good. So I’m read­ing Mon­tanes essays, which is pret­ty fun. Any­way,

Tony Kynas­ton: Monte?

Cameron: 16th cen­tu­ry, uh, French, uh, [01:09:00] aris­to­crat who dur­ing var­i­ous plagues or reli­gious wars that they were under­go­ing said, you know what, screw y’all. And he went and sat in a tow­er and start­ed writ­ing essays and pret­ty much invent­ed the essay he invent­ed. The essay. Um, no one had writ­ten essays before him. He wrote essays on every­thing, love loss, phi­los­o­phy, farts, um, every­thing he could think of.

He just got it all down. Don­keys, um, wrote vol­umes and vol­umes, and vol­umes just decid­ed. Like in, in his pref­ace to the first one, he says, look, I’m prob­a­bly gonna die soon ’cause every­one was dying. And I, he said, I just real­ized my friends and fam­i­ly don’t real­ly know much about how I think about stuff. So I’m gonna write it down.

I’m gonna explore. Essay means explo­ration.

Tony Kynas­ton: Oh,

Cameron: You, you know, you essay out to, you know, recon or ter­ri­to­ry, right? So it’s, these were explo­rations on [01:10:00] ideas and sub­jects and, um, all over the place. No real, you know. Um. The­o­ry. No real. He was­n’t try­ing to prove any­thing. He was just try­ing to cap­ture all of his thoughts on life and, uh, it’s inter­est­ing stuff so far.

I’m enjoy­ing it.

Tony Kynas­ton: good. Well, I’ve, I’m the

Cameron: Dang, you.

Tony Kynas­ton: done, I’ve been the most com­mer­cial of com­mer­cial this last week. I’ve, and I went and

Cameron: Mm-hmm.

Tony Kynas­ton: the F1 movie. Uh, on the week­end.

Cameron: What did you think the boys went to see that they were, they were in New York for the Pre­mier, I think of that or some­thing, but they real­ly liked it. Yeah.

Tony Kynas­ton: it. It seemed a top gun sort of mould. Very com­mer­cial,

Cameron: Top Gun on Wheels.

Tony Kynas­ton: end­ing, all that kind of stuff. But yeah, it’s, it’s enter­tain­ing. Very good.

Cameron: I have no inter­est what­so­ev­er in going to see it. So

Tony Kynas­ton: Well,

Cameron: you enjoyed it.

Tony Kynas­ton: a fan of Dri­ve to Sur­vive, you’ll real­ly enjoy it. ’cause there’s lot of over­lap with that.

Cameron: I dun­no what that is, that’s how much I don’t care

Tony Kynas­ton: Okay. Well,

Cameron: [01:11:00] cars. Right.

Tony Kynas­ton: yeah.

Cameron: What strive to sur­vive.

Tony Kynas­ton: Oh, the, uh, well, it’s behind the whole thing. It’s, so, dri­ve to Sur­vive was the Net­flix series on For­mu­la One,

Cameron: Oh, okay.

Tony Kynas­ton: in the first series, it, it, um, in the first series, none of the big teams in For­mu­la One would coop­er­ate like Fer­rari and McLaren and Mer­cedes. Uh, so they focused on the bot­tom end of the grid and made Daniel Ricar­do, the Aus­tralian F1 dri­ver, a bit of a star. ’cause he’s, uh, always hap­py and cheeky and up for the cam­eras and it, and it sort of caught fire. And then all, you know, F1 and all the big teams went, shit, we’ve got­ta be a part of this. And then from sea­son two, one was, it was inside every detail of. Red ball rac­ing and McLaren and Fer­rari and all the polit­i­cal machi­na­tions behind the team lead­ers and what they’re up to, et cetera.

And dri­ver changes as well as cov­er­ing the, the races too. Yeah, I, I

Cameron: Wow.

Tony Kynas­ton: it. Um, any­way, that made F1 pop­u­lar in the US [01:12:00] because up until then Incar was the dom­i­nant rac­ing for­mu­la in the us Their

Cameron: Real­ly

Tony Kynas­ton: One. Yeah,

Cameron: F ones are not big over there. I did­n’t real­ize that,

Tony Kynas­ton: then because it’s basi­cal­ly Euro­pean based,

Cameron: right?

Tony Kynas­ton: even

Cameron: Yeah, yeah.

Tony Kynas­ton: rest of the world.

’cause they, they race

Cameron: But it’s big here.

Tony Kynas­ton: big here. Yeah,

Cameron: Yeah.

Tony Kynas­ton: yeah.

Cameron: Yeah. But no, I did­n’t real­ize it was­n’t big over there.

Tony Kynas­ton: And so now they do a race in Las Vegas and uh, well they do Cana­da. they’ve been doing that for a long time and yeah. I’m just try­ing to remem­ber if there’s a sec­ond race. Any­way, they do a big race in Las Vegas and For­mu­la One now. So,

Cameron: Okay,

Tony Kynas­ton: so that

Cameron: good.

Tony Kynas­ton: And I’ve been, been read­ing Michael Pal­in’s lat­est diaries. Have you ever read

Cameron: Oh, won­der­ful. I don’t think I ever have, I mean, seen some of his trav­el TV series and stuff over the years, but yeah, that’d be fun.

Tony Kynas­ton: is.

Cameron: He seems like a real­ly inter­est­ing guy.

Tony Kynas­ton: Yeah. And so this is the, the fourth release of his diaries [01:13:00] cov­er­ing the trav­el series called Now, now and then all those years where he was doing trav­el series. Um, I real­ly enjoyed the first three books. ’cause I think the first one was called Halfway to Hol­ly­wood, so it’s Ear­ly Python and then it’s the Python movies, et cetera.

And then Life After Python and all the rest of it. This is more about, um, his series on Hem­ing­way and the Sahara. So yeah, it’s, it’s, it’s inter­est­ing. It’s good, but very light­weight, you know, and lots of packed with celebri­ties, British celebri­ties. So

Cameron: Right.

Tony Kynas­ton: it’s a pret­ty easy read, but good fun.

Cameron: He just comes across as a real­ly nice guy,

Tony Kynas­ton: Yeah. And that’s how

Cameron: just gen­uine­ly real­ly nice guy.

Tony Kynas­ton: Yeah. And he does­n’t dis­pel that in the diaries as well, but he keeps refer­ring to the fact that he’s seen as Britain’s nicest guy. Yeah.

Cameron: Him and McCart­ney, I think, have to be the two nicest guy. Two nicest celebri­ties is the way they come across any­way.

Tony Kynas­ton: McCart­ney’s from, uh, what was her name? Heather Mills dragged him through the

Cameron: Well she was [01:14:00] Oh real­ly? I thought dragged her through the mud, dragged him through the mud. Hmm.

Tony Kynas­ton: her

Cameron: Okay.

Tony Kynas­ton: and she used this rea­son to divorce him and told all in the divorce court using, did­n’t

Cameron: Right. Uh,

Tony Kynas­ton: But any­way, I’m sure he is.

Cameron: real­ly? Wow. I paid no atten­tion to that.

Tony Kynas­ton: to her, accord­ing to

Cameron: Right. Well, thank you tk. That’s QAV Aus­tralia for this week. We’re gonna go talk to QAV Amer­i­ca now.

Tony Kynas­ton: Good. Well have a

Cameron: Have a good week.

Tony Kynas­ton: Have we got an RBA?

Cameron: Cv.

Tony Kynas­ton: we got an RBA result yet?

Cameron: Oh, let me just go back to the Fin. Did have it open before? Just check­ing. AFR?

Nope. Noth­ing yet.

Tony Kynas­ton: yet. Oh.

Cameron: Two 20. Noth­ing yet. Oh, well every­one will, we’ll talk about it next week. See if Tony’s pre­dic­tions are right.

Tony Kynas­ton: Uh, Google’s telling me the Reserve Bank held its cash rate [01:15:00] steady. Yeah. So,

Cameron: Okay. Well

Tony Kynas­ton: oh no, sor­ry. Uh, hang on. I’ve just, uh, been tak­en to the RBA web­site where it says the next update is at two 30. So

Cameron: eight min­utes we’ll report on it in the US show. No we won’t. No one cares.

Tony Kynas­ton: says the Reserve Bank of Aus­tralia held the cash rate steady its meet­ing on July 8th, which is today, and then has a link to the Reserve Bank web­site where it says Next step update is at two 30.

So you go.

Cameron: Wow. They’ve final­ly been able to pre­dict the future. The AI has gone to the next lev­el.

Tony Kynas­ton: we’ll see. I think at two 30 it might be dif­fer­ent, but we’ll see.

Cameron: All right. Thank you, tk.

Tony Kynas­ton: Cam.

Grace: This pod­cast is an infor­ma­tion provider and in giv­ing you prod­uct infor­ma­tion we are not mak­ing any sug­ges­tion or rec­om­men­da­tion about a par­tic­u­lar stock. The infor­ma­tion has been pre­pared with­out tak­ing into account your indi­vid­ual invest­ment objec­tives, finan­cial [01:16:00] cir­cum­stances or needs. Before you decide whether or not to acquire a par­tic­u­lar stock you should assess whether it is appro­pri­ate for you in the light of your own per­son­al cir­cum­stances, hav­ing regard to your own objec­tives, finan­cial sit­u­a­tion and needs. You may wish to obtain finan­cial advice from a suit­ably qual­i­fied advis­er before mak­ing any deci­sion to acquire a stock. Please note that all infor­ma­tion about per­for­mance returns is his­tor­i­cal. Past per­for­mance should not be relied upon as an indi­ca­tor of future per­for­mance; unit prices and the val­ue of your invest­ment may fall as well as rise. Autho­rised Rep­re­sen­ta­tive of AFSL 520442.

AFS Rep­re­sen­ta­tive Num­ber: 001292718